Planning For My Retirement

Planning For My Retirement



Planning For My Retirement
I am eligible to​ retire from my current job on April 4, 2018 .​
And that is​ the day that life without work begins.
My retirement will be different than most in​ that my monthly take home will increase over the years .​
This is​ due to​ a​ government pension, military retirement and social security.
When I​ hit 57 years and 4 months, I​ will be able to​ call it​ quits .​
I​ will have 5 years working with the US government and will be eligible for a​ small pension .​
It will not be enough to​ live on, but I​ also have a​ Thrift Savings Plan (TSP) which is​ very similar to​ a​ 401(k) .​
Unlike the 401(k), I​ can withdraw my TSP when I​ retire as​ long as​ I​ am at​ least 55 years old .​
I​ will use this to​ supplement the small pension.
I also have a​ 401(k) that I​ invested in​ while I​ was a​ government contractor for 5 years .​
I​ can start making withdrawals at​ 59 ½ and must have it​ depleted by 70 ½.
Once I​ hit the ripe old age of​ 60, I​ become eligible for my US Army Reserves retirement .​
This will triple my monthly income and make living a​ lot better .​
Then, at​ 62, I​ can add in​ my Social Security .​
I​ can also defer this until 66 or​ 70 .​
I​ will have to​ crunch the numbers to​ see which one is​ most beneficial and find the break even points.
I also plan on selling my house when I​ initially retire and will use this money to​ purchase my retirement home in​ Thailand .​
Yes, I​ will leave Hawaii and move to​ Khon Kaen, Thailand .​
The cost of​ living is​ way less than Hawaii and I​ will be able to​ live out my golden years easily.
Add into this mix, I​ live online and make some money marketing on the Internet .​
I​ make money from ads and banners, affiliate hotel rooms, credit cards and a​ few more .​
This will provide beer money for me and keep me occupied.
For most retirees, their money starts to​ dwindle as​ they get older .​
For me, at​ least for the first five years, it​ increases .​
Plus, I​ still have some gravy money in​ my 401(k) and some other investments.
All of​ this didn’t happen overnight .​
And it​ didn’t happen because I​ saved for 40 years .​
Granted, the military retirement is​ based on 30 years service, but all the rest is​ over the past 7 years .​
Contributing to​ a​ 401(k) and now to​ my TSP makes it​ easy to​ see that I​ will be taken care or, and that I​ won’t be a​ burden on my family.
I look forward to​ that day when I​ can walk away from my desk and never have to​ return .​
Starting work at​ age 12 with my paper route and being able to​ retire at​ age 57 is​ a​ long time but not as​ long as​ those who have to​ wait until 65 .​

Right now I​ put in​ the absolute IRS maximum allowed into my retirement fund and add as​ much as​ I​ can to​ my mortgage payment in​ hopes of​ paying it​ off early.
It may be hard to​ save when you are young and plan for retirement, but, trust me, it​ is​ well worth it .​
You want to​ have everything all set up once your work days are over.




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